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Asia-Pacific
The Straits Times

Me & My Money: Crane company boss says people are his most important investment

Pollisum Group CEO Chris Ang took over the family business when he was 30 and steered it to profitability while building a company culture he is proud of. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. But Chris Ang left his job as an auditor at one such firm to eventually join his family’s business in the construction sector. Now 38, he is the chief executive officer of Pollisum Group, which specialises in crane leasing and transport. Under his leadership, the company returned to profitability and was ranked by The Straits Times and global research firm Statista among Singapore’s fastest-growing companies in 2024, 2025 and 2026. Ang cut his teeth in 2016 at a Malaysian transport business newly acquired by Pollisum, where he handled sales and operations. Ang says he found the transition from a corporate job to running a company challenging, especially as the firm was struggling then and needed a new strategic direction. “In a big company, everything is structured. But running a family business required me to take a more hands-on approach, with a greater responsibility for decision-making and problem-solving,” he says. “I was unfamiliar with running a business, let alone having knowledge of the crane industry. I had to rely heavily on my colleagues and draw on my parents’ experience. The learning curve was steep.” “Looking back, the hardest part wasn’t managing the numbers, but it was understanding the crane industry, making the right decisions and managing people. But that’s also the most rewarding part. Observing my team’s growth alongside the company’s validates my decision to make the transition,” he adds. The company, which Ang’s parents started in 1984, now has around 400 employees, many of whom are crane operators who work long hours under difficult conditions, he adds. He believes that engaging his employees’ families and recognising their support are important in building company culture.

Me & My Money: Crane company boss says people are his most important investment
Asia-Pacific
The Straits Times

AI is not magic; without good data it’s trash in, trash out: AvePoint CEO

Singapore has all the advanced use cases of developed markets for AI and data governance, said Avepoint CEO Dr Tianyi Jiang. SINGAPORE – Companies racing to deploy artificial intelligence tools may find their efforts unexpectedly throttled by the quality and organisation of their internal data. AI systems such as customer service chatbots, workplace assistants and automated workflows depend heavily on well-structured information. But in many organisations, up to 90 per cent of their data is scattered across e-mails, documents, chat messages and multiple platforms, stored in different formats with varying access permissions. “AI is tech and not magic. Without good data, it’s just trash in and trash out,” said AvePoint chief executive Tianyi Jiang. His firm’s suite of tools integrates into enterprise platforms to help companies organise and secure large volumes of information within enterprise systems such as Microsoft Teams, SharePoint and Microsoft 365. This function has become more critical as companies use internal data to power AI systems. “It’s simply not good enough to just use a commercially available product like Claude or ChatGPT because they are trained on data on the internet,” he stressed. AvePoint was founded in the US in 2001 by Jiang and co-founder Xunkai Gong, with its first product a backup solution for Microsoft’s early SharePoint collaboration platform. Now a massive player in the software ecosystem space and with Microsoft as one of its biggest partners, AvePoint has expanded its focus beyond cloud-based software data management to AI-related offerings spanning education, modernisation and governance. Jiang said the company was able to grow these businesses due to its strong reputation, earned over the past 17 years in data management. The firm operates in 80 countries and handles about one zettabyte of data – or one trillion gigabytes – globally for governments and banks. After a visit to Singapore in 2008, where he met his future wife, Jiang decided to open AvePoint’s Singapore office a year later, drawn by its appeal as a base for business.

AI is not magic; without good data it’s trash in, trash out: AvePoint CEO
Europe
The Guardian

Oil price hits lowest since early March despite doubts over how quickly strait of Hormuz will reopen – business live

The oil price has dropped to its lowest level in almost 15 weeks, despite uncertainty over how quickly the strait of Hormuz will reopen. Brent crude has fallen by almost 2.5% today to just over $81 a barrel, adding to Monday’s 4.75% drop. That’s its lowest level since 4 March, the first week of the Iran war. Oil traders are calculating that the reopening of the strait of Hormuz will lead to a rise in oil supplies from the Middle East, after Donald Trump said the vital waterway will reopen once the US and Iran have signed an initial memorandum of understanding. Economists are warning, though, that it will take time for traffic through the strait to return to normal, as some production facilities need to be reopened, or repaired, and some oil and gas tankers are in the wrong places. The head of the world’s biggest tanker operator, Mitsui OSK Lines, has told the Financial Times that ahipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the US-Iran deal is “material”. Bosses of the world’s biggest shipping companies want to see more than just an agreement in place, mines need to be swept, and all hostilities must end, before tankers with hundreds of millions of dollars’ worth of cargo will be able to traverse the Strait without fear of a flare up in tensions that could close the Strait mid-voyage. Thus, even if a deal is signed to end the US/Iran war, the situation is not without its challenges. Brent crude remains above $80 per barrel, and it is unlikely to fall below this level until we start to see cargo ships successfully get through the Strait.

Oil price hits lowest since early March despite doubts over how quickly strait of Hormuz will reopen – business live
Europe
The Guardian

Bank of Japan raises interest rates to 31-year high … of 1%

The Bank of Japan raised its short-term policy rate by a quarter of one percentage point, to 1% from 0.75%. Photograph: Franck Robichon/EPAView image in fullscreenThe Bank of Japan raised its short-term policy rate by a quarter of one percentage point, to 1% from 0.75%. Photograph: Franck Robichon/EPAInterest ratesBank of Japan raises interest rates to 31-year high … of 1%Country acts amid Iran war inflation pressures, but US Fed and Bank of England expected to hold rates The Bank of Japan (BoJ) has raised interest rates to a 31-year high as it tries to dampen inflationary pressures created by the Iran war. Policymakers in Tokyo raised the BoJ’s short-term policy rate by a quarter of one percentage point, to 1% from 0.75%, and warned that companies were passing on rising oil costs to each other at a “relatively fast pace”. The BoJ decided to tighten monetary policy despite a fall in the oil price in the past few days as Washington and Tehran agreed the basic structure of a peace deal, and also despite Japan’s annual core inflation having fallen to a four-year low of 1.4% ​in April. The central bank’s governor, Shinichi Uchida, told a press conference in Tokyo that the signing of a memorandum by the US and Iran to end the Middle East conflict was “a welcome move”. He said there was uncertainty about how quickly oil supplies would rise. “Compared with the previous meeting, the risk of a sharp deterioration in the economy has diminished. On the other hand, price rises are broadening, and there is a risk that underlying inflation may deviate from our target,” Uchida said. “With underlying inflation approaching 2%, it’s important to ensure we achieve our target stably.” The BoJ also said the risk of Japan’s economy deteriorating sharply from the Middle East conflict had diminished. It cited the government’s relief package to help households facing high fuel costs. Tuesday’s rate rise has lifted Japan’s borrowing costs to their highest since 1995, when the BoJ was midway through lowering interest rates after a bubble in property and asset prices burst. Susannah Streeter, the chief investment strategist at Wealth Club, said: “The move – increasing the short-term policy rate to 1% from 0.75% – was widely expected, but it’s a step-change in monetary policy for Japan, given it pushes borrowing costs to levels not seen since 1995. There was some relief that the move wasn’t more hawkish, with even a 50-basis-point hike having been mooted.” In 1973, the BoJ raised rates as high as 9% as it tried to combat inflationary pressures from the Opec oil embargo. But by 2016 the BoJ was implementing a negative interest rate policy as it tried to drag Japan out of a long deflationary slump that followed the end of its asset boom in the late 1980s. Tokyo’s stock market closed at a new record high after the Nikkei share index hit 70,000 points for the first time during Tuesday’s session. The Nikkei has soared by a third so far this year. The BoJ is the second G7 bank to raise borrowing costs since the Iran war began. Last week the European Central Bank lifted its main interest rates. The US Federal Reserve and the Bank of England are expected to leave borrowing costs unchanged at their monetary policy meetings this week.

Bank of Japan raises interest rates to 31-year high … of 1%
Asia
The Hindu BusinessLine

IT stocks crash: Accenture’s weak outlook sparks sell-off in Infosys, TCS, Wipro

Domestic IT stocks witnessed a sharp sell-off on Friday after Accenture cut its FY26 revenue growth guidance and flagged a challenging demand environment, raising concerns over the near-term outlook for technology spending globally. The Nifty IT index plunged more than 6 per cent to a fresh 52-week low of 26,634.50, before settling at 27,426.85 (down 3.65 per cent), making it the worst-performing sectoral index. The decline followed Accenture’s weaker-than-expected quarterly results and reduced full-year revenue growth guidance of 3-4 per cent, compared with 3-5 per cent earlier. The weakness was broad-based, with all major IT stocks trading in the red, only except OFSS. Infosys tumbled 7 per cent to end at ₹1,051.40 after hitting a 52-week low of ₹1,030, while Tata Consultancy Services (TCS) declined 3.55 per cent to ₹2,125 after hitting a 52-week low of ₹2,059.90. Wipro fell 4.3 per cent to a 52-week low of ₹174.89 before settling at ₹180.80. Investor sentiment turned negative after Accenture lowered its FY26 constant-currency revenue growth guidance to 3-4 per cent from 3-5 per cent earlier. The company also reduced its commercial business growth outlook to 4-5 per cent from 4-6 per cent. The earnings disappointment triggered a sharp reaction globally. Accenture shares plunged 18 per cent in the US overnight, marking their steepest single-day decline on record. Cognizant fell 11 per cent, while Capgemini declined nearly 9 per cent. Infosys ADRs dropped nearly 10 per cent and Wipro ADRs fell 3.6 per cent. Shashwat Singh, Fundamental Analyst at Bajaj Broking, said the sell-off in Indian IT stocks was a direct reaction to Accenture’s guidance cut. “Accenture has indicated that clients remain cautious on discretionary technology spending. Since Indian IT companies depend on the same global pipeline for technology projects, the guidance revision acts as a warning signal for the sector and has triggered investor selling,” Singh said. Morgan Stanley said Accenture’s results pointed to a difficult macroeconomic environment that could extend into the next quarter. The brokerage noted that management commentary highlighted delayed decision-making by clients and the impact of geopolitical tensions, particularly in West Asia. According to Morgan Stanley, the indirect impact of geopolitical uncertainty is being felt across geographies and industry verticals, increasing the risk of weaker FY27 guidance from Indian IT companies. The brokerage also said the impact could vary across companies depending on their exposure to affected sectors and regions. Nomura expects the impact of West Asia-related uncertainty to spill over into Q1FY27 and possibly Q2FY27, as clients remain cautious on technology spending. CLSA attributed the softer outlook to macroeconomic challenges rather than AI disruption, noting that companies dependent on discretionary spending, such as Infosys and Wipro, could face greater pressure.

IT stocks crash: Accenture’s weak outlook sparks sell-off in Infosys, TCS, Wipro
Asia
The Hindu BusinessLine

Mukesh Ambani hands next value-creation chapter to Ambani heirs

Mukesh Ambani on Friday used Reliance Industries’ 49th Annual General Meeting to unveil more than just the long-awaited Jio Platforms IPO. In what may be the clearest signal yet of the conglomerate’s succession roadmap, the Reliance chairman announced that Akash Ambani, Isha Ambani and Anant Ambani would lead the Jio listing process, effectively placing the group’s next generation at the centre of its future value-creation agenda. The announcement accompanied the approval of Jio Platforms’ draft red herring prospectus (DRHP) for a proposed initial public offering comprising a fresh issue of up to 27 crore equity shares. Calling the offering Reliance’s “most important value-creation milestone” this year, Ambani said the listing would unlock significant value for shareholders and demonstrate that India can build technology companies of global scale, capability and value. “The Jio IPO is the most important value creation milestone for Reliance this year and is expected to unlock significant value for Reliance shareholders while offering an attractive investment opportunity to new investors,” Ambani told shareholders. The bigger message from the AGM, however, extended well beyond the IPO. Reliance used the platform to showcase how the company is evolving from an energy-to-consumer conglomerate into a technology-driven enterprise built around digital connectivity, artificial intelligence, retail, advanced manufacturing and next-generation infrastructure. Ambani said Jio, which completes 10 years this year, and Reliance Retail, which marks its twentieth anniversary, have emerged as the group’s defining growth engines. “Jio completes 10 years of stellar success. Reliance Retail completes 20 years as a trailblazer. In both businesses, we remain the unbeatable Number One,” he said. “When a patriotic, high-performance company consistently serves the aspirations of nearly 1.5 billion Indians, there is no limit to what it can achieve.” The chairman said Reliance delivered record revenue, record EBITDA and record net profit in FY26 despite what he described as one of the most volatile and uncertain global environments in decades. The financial performance reflects a broader shift underway within the conglomerate. Ambani said Jio and Reliance Retail now contribute nearly half of the group’s EBITDA, underscoring the growing importance of consumer and technology-led businesses within Reliance’s portfolio. The company also highlighted the unprecedented scale of its investment programme. Capital expenditure in FY26 stood at ₹1,44,271 crore ($15.2 billion), taking cumulative investments over the last five years to ₹6,48,428 crore (more than $68 billion). According to Ambani, Reliance alone accounted for nearly one-third of the total capital expenditure undertaken by India’s top 50 corporates during the period. Reliance also remained India’s largest contributor to the national exchequer. Ambani said the company paid ₹2,16,472 crore ($22.8 billion) in taxes and duties during FY26, while cumulative contributions over the past five years crossed ₹9.78 lakh crore, or more than $100 billion. Corporate social responsibility spending stood at ₹2,248 crore during the year, the highest by any Indian company. Positioning Reliance within a rapidly changing geopolitical landscape, Ambani said the past six years had been among the most volatile and uncertain in several decades. He credited India with navigating the turbulence with competence and wisdom and said the country was well placed to emerge stronger in an increasingly multipolar world.

Mukesh Ambani hands next value-creation chapter to Ambani heirs
Europe
BBC Business

Brexit cost 6% of UK economy, Bank of England company data suggests

The UK economy has taken a 6% hit from the effects of Brexit, according to economists' analysis of internal Bank of England data about the decisions, views and financial results of thousands of British companies since the referendum a decade ago. Examining data that the Bank uses to decide on interest rates, the study analysed lost growth by trying to reconstruct how the UK would have grown if it had not voted to leave the EU. It found that about half the economic hit came from the sheer surprise and uncertainty of the post-referendum period while the rest was from rising trade barriers after the UK left the customs union and single market in 2021. But some critics say the study does not fully account for the outperformance of the US investment and tech industries or the European energy shock four years ago. Co-author of the study, British professor Nick Bloom from Stanford University, said the UK was growing fast in the years before Brexit and could have at least partially kept up with the US without the disruption. He argued the Bank of England company data offered important corroboration. His paper concludes: "In the case of Brexit, there was a substantial economic impact on the United Kingdom, but it arose gradually over the subsequent decade". It comes as the Bank's top officials have in recent months become increasingly candid in explaining the economic consequences of Brexit in speeches and interviews. Recently, the Bank's governor Andrew Bailey told journalists that as a consequence of Brexit: "I think the level of activity and growth in the economy has been lower. "And the reason for that is that if you reduce the size of the markets that we trade with, so we reduce our export markets, then that does tend to have a negative impact on growth," he said, adding that productivity and the size of the market were also affected. However, Bailey said that although the impact on financial services was "not good", it was "nowhere near as detrimental as many people predicted at the time". Some policy economists have argued that it is difficult to model how much the UK would have grown without Brexit, and that such studies overstate Brexit's impact, especially at a time of so many global crises. The latest version of the study has been published just ahead of the 10 year anniversary of the referendum.

Brexit cost 6% of UK economy, Bank of England company data suggests
Europe
BBC Business

Japan raises interest rate to highest since 1995

Japan's central bank has increased its main interest rate to a new 31-year-high after a surge in global energy prices. On Tuesday, the Bank of Japan (BOJ) raised its so-called policy rate to 1% from 0.75% - its highest level since 1995. The decision comes as some other central banks have raised interest rates this year as the Iran war pushed up the cost of living. Japan's interest rates were cut aggressively in the 1990s to combat the fallout from a collapse in prices of assets like property and shares. They had been near zero for two decades as prices fell and growth stagnated. The bank has been gradually raising its rate since March 2024 - at the time it was the country's first hike in 17 years. "After twenty years of deflation, Japan is now in an inflationary upcycle," Japan economist Jesper Koll told the BBC. "Emergency/crisis management monetary policy is no longer needed and the BOJ wants to get back to a normal monetary policy," he added. The BOJ has been under pressure to cool inflation, which was extremely low in the country until relatively recently. Higher energy prices have fuelled inflation, adding pressure on countries like Japan that depend heavily on oil and gas from the Middle East. Japan's wholesale prices climbed by more than 6% in May from a year earlier, rising at the fastest pace in three years. But the country's overall inflation rate, which was 1.4% in April, currently sits below the BOJ's target level of 2%. The BOJ faces a tricky trade-off: Raising interest rates could help lower inflation but higher rates also make borrowing costlier, increasing expenses for the government and businesses.

Japan raises interest rate to highest since 1995
Asia
The Hindu BusinessLine

Bay system may open two-week rain window across Central India

Both the Arabian Sea and the Bay of Bengal are helping breed active thunderstorms (in red and blood red) over the South Peninsula and eastern parts of Central India ahead of revival of monsoon next week. | Photo Credit: www.meteologix.com/in The monsoon is poised for a fresh advance next week, with the India Meteorological Department (IMD) indicating favourable conditions for its further progression into parts of Maharashtra, Telangana, Odisha, Jharkhand, Bihar and Chhattisgarh around Tuesday next. The expected revival is likely to be driven by development of a cyclonic circulation over the north-west Bay of Bengal off the Odisha-West Bengal coast. While some global weather models project its evolution into a low-pressure area, IMD’s guidance remains more conservative, suggesting only a weak circulation at this stage. Even so, model consensus points to strengthening monsoon flows from the Bay into Central India. A leading US model tracks the system westward from Odisha and West Bengal across Chhattisgarh and Madhya Pradesh towards Konkan, Mumbai and South Gujarat, a path that is also supported by projected rainfall patterns. IMD’s numerical guidance shows moisture-laden easterlies turning inland from the Bay and feeding into Central India, although it does not yet conclusively support the formation of a well-defined low-pressure area. The agency, however, has not ruled out the possibility of a weak ‘low’ developing towards the end of June. Adding to the signal, the Climate Prediction Center of the US National Weather Service indicates the potential emergence of another circulation over the same region around July 1. Together, the forecasts suggest a favourable two-week period for monsoon activity over Central India. Ahead of the revival, isolated to scattered rainfall is forecast over Chhattisgarh, East Madhya Pradesh, Vidarbha and West Madhya Pradesh for six days beginning Saturday. Along the west coast, rainfall activity is expected to strengthen from Monday, with fairly widespread to widespread rain over Konkan and Goa, including Mumbai, for four days. Elsewhere, isolated to scattered showers are likely over Saurashtra and Kutch for two days; and over East Gujarat, Madhya Maharashtra and Marathwada during next six days. In the south, fairly widespread to widespread rainfall is forecast over Kerala, Mahe and Lakshadweep from Saturday, extending to Coastal Karnataka from Sunday. Rainfall will also increase intermittently over Interior Karnataka and parts of Andhra Pradesh later in the week .Heavy rainfall is likely over Tamil Nadu, Puducherry and Karaikal this weekend; Kerala and Mahe for three days; Lakshadweep on Sunday; Coastal Karnataka for five days from Sunday; and Interior Karnataka on Monday and Tuesday. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Bay system may open two-week rain window across Central India